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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Vestas Wind Systems A/S    VWS   DK0010268606

VESTAS WIND SYSTEMS A/S

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Vestas Wind A/S : wins 443 MW landmark deal in the UK that will be ' largest single wind park in Europe to date

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08/19/2020 | 06:00am EDT

News release from Vestas Northern and Central Europe
Hamburg, 19 August 2020

SSE Renewables, a leader in renewable energy in the UK and Ireland, has placed a 443 MW order for the Viking wind project on the Shetland Islands in the Northern Atlantic. With this landmark deal, Vestas reinforces its presence in the UK onshore wind market, where we have installed more than 2,000 wind turbines with a total capacity of more than 4 GW. The Viking wind project will be Vestas' largest stand-alone wind park order in Europe to date.

The project marks a significant step forward for onshore wind in the UK at a time when renewable energy is setting new records providing almost 40 percent of the UK's electricity. It shows that onshore wind is one of the most cost-competitive energy sources in the UK today and it underlines its ability to play a key role in the UK government's ambition to bring all greenhouse gas emissions to net zero by 2050.

Vestas will supply SSE Renewables with 103 V117-4.2 MW turbines in 4.3 MW Power Optimised Mode. By using a turbine model known for its ability to withstand extreme wind conditions, this solution is an exceptional fit for the site's strong winds that will maximise energy output for the site and simultaneously lower the levelised cost of energy. As part of the long-term service agreement for the Viking project, Vestas has the ambition to establish a Shetland Island based service organisation providing high quality employment opportunities supported by an apprentice programme.

"This contract represents another significant milestone for our Viking project. We are delighted to be working with Vestas again with whom we have a significant track record of project delivery. The optimised V117-4.3 MW machines provide the durability and performance that we require to ensure that Viking delivers to its full potential. Viking will be the largest onshore wind farm in the UK by output and will bring significant economic opportunities to Shetland and beyond", says Paul Cooley, Director of Capital Projects at SSE Renewables.

"We are pleased to continue our cooperation with SSE Renewables, an excellent partnership that dates back 20 years. The Viking project creates a highly competitive business case for our customer and sends a strong signal for economic growth and green recovery in Shetland Islands, the UK and beyond", states Nils de Baar, President of Vestas Northern & Central Europe. "It is an honour for us to contribute to the success of this landmark wind project".

Viking wind farm will harness the excellent wind conditions on the Shetland Island to produce almost 2 TWh of energy each year - enough to power almost half a million homes annually and reduce carbon emissions by half a million tonnes each year. When complete, it will be the UK's largest and most productive onshore wind farm in terms of annual electricity output, playing a crucial role in contributing towards the UK and Scotland's net zero targets.

The order includes supply, installation and commissioning of the wind turbines, as well as a 30-year Active Output Management 5000 (AOM 5000) service agreement. The project will feature a VestasOnline® Business SCADA solution, lowering turbine downtime and thereby optimising energy output.

Deliveries and commissioning are expected to begin in the first quarter of 2023.  
For more information, please contact:
Meike Wulfers
Head of Marketing & Communications
Vestas Northern & Central Europe
Mobile: +49 (0) 151 599 134 33
Email: mewul@vestas.com (chbut@vestas.com)
About Vestas
Vestas is the energy industry's global partner on sustainable energy solutions. We design, manufacture, install, and service wind turbines across the globe, and with more than 117 GW of wind turbines in 81 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled more than 104 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas' more than 25,500 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:

· www.twitter.com/vestas
· www.linkedin.com/company/vestas
· www.facebook.com/vestas
· www.instagram.com/vestas
· www.youtube.com/vestas
 

About SSE Renewables
SSE Renewables is a leading developer, owner and operator of renewable energy across the UK and Ireland, with a portfolio of around 4GW of onshore wind, offshore wind and hydro. Part of the FTSE-listed SSE plc, its strategy is to drive the transition to a net zero future through the world class development, construction and operation of renewable energy assets.  
SSE Renewables owns nearly 2GW of operational onshore wind capacity with over 1GW under development. Its 1,459MW hydro portfolio includes 300MW of pumped storage and 750MW of flexible hydro. Its operational offshore wind portfolio consists of 580MW across three offshore sites, two of which it operates on behalf of its joint venture partners. SSE Renewables has the largest offshore wind development pipeline in the UK and Ireland at over 6GW.  
 

https://news.cision.com/vestas-wind-systems-a-s/r/vestas-wins-443-mw-landmark-deal-in-the-uk-that-will-be-vestas--largest-single-wind-park-in-europe-t,c3175901

https://mb.cision.com/Public/18886/3175901/9faaee48eabdb05e.pdf

(c) 2020 Cision. All rights reserved., source Press Releases - English


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Sales 2020 14 510 M 17 070 M 17 070 M
Net income 2020 570 M 671 M 671 M
Net cash 2020 2 350 M 2 765 M 2 765 M
P/E ratio 2020 386x
Yield 2020 0,09%
Capitalization 220 B 34 800 M 259 B
EV / Sales 2020 15,0x
EV / Sales 2021 14,8x
Nbr of Employees 25 865
Free-Float 99,4%
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Average target price 123,70 €
Last Close Price 1 122,50 €
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Henrik Andersen President & Group Chief Executive Officer
Anders Erik Runevad Chief Executive Officer
Bert Åke Stefan Nordberg Chairman
Tommy Rahbek Nielsen Chief Operating Officer
Marika Fredriksson Chief Financial Officer & Executive Vice President